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The following information applies to the questions displayed below.] Hair World Inc. is...

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Accounting

The following information applies to the questions displayed below.]

Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

a. Sold merchandise for cash (cost of merchandise $40,797). $ 75,200
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). 900
c. Sold merchandise (costing $7,600 ) to a customer on account with terms n/60. 16,000
d. Collected half of the balance owed by the customer in (c). 8,000
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 256

PA6-3 Part 2

  1. Compute the gross profit percentage.

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